Brokerages Set Comerica Incorporated (NYSE:CMA) PT at $68.57

Comerica Incorporated (NYSE:CMA) has been given a consensus recommendation of “Hold” by the twenty-two ratings firms that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $68.57.

CMA has been the subject of several research reports. Barclays raised their target price on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research report on Monday, January 6th. UBS Group started coverage on shares of Comerica in a report on Tuesday, December 17th. They set a “sell” rating and a $64.00 price objective for the company. Argus upgraded shares of Comerica to a “hold” rating in a research report on Friday, January 31st. Wells Fargo & Company raised shares of Comerica from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Finally, JPMorgan Chase & Co. decreased their price objective on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th.

Comerica Stock Down 1.0 %

NYSE CMA opened at $63.62 on Thursday. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45. The stock has a market cap of $8.37 billion, a PE ratio of 12.67 and a beta of 1.25. The firm has a 50-day simple moving average of $64.38 and a 200 day simple moving average of $63.03. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same period in the prior year, the company posted $1.46 earnings per share. On average, research analysts forecast that Comerica will post 5.28 EPS for the current year.

Comerica declared that its Board of Directors has authorized a share buyback program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend is Friday, March 14th. Comerica’s dividend payout ratio is currently 56.57%.

Hedge Funds Weigh In On Comerica

A number of large investors have recently modified their holdings of CMA. Wedmont Private Capital raised its position in Comerica by 2.4% in the 4th quarter. Wedmont Private Capital now owns 7,870 shares of the financial services provider’s stock worth $474,000 after purchasing an additional 186 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Comerica by 5.2% in the 4th quarter. Blue Trust Inc. now owns 4,040 shares of the financial services provider’s stock valued at $242,000 after buying an additional 200 shares during the period. Bessemer Group Inc. raised its position in shares of Comerica by 2.0% during the fourth quarter. Bessemer Group Inc. now owns 10,859 shares of the financial services provider’s stock worth $672,000 after acquiring an additional 211 shares during the last quarter. V Square Quantitative Management LLC lifted its stake in shares of Comerica by 36.7% during the fourth quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 221 shares during the period. Finally, US Bancorp DE boosted its holdings in Comerica by 2.0% in the fourth quarter. US Bancorp DE now owns 11,823 shares of the financial services provider’s stock valued at $731,000 after acquiring an additional 227 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.